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I know its not a heavy lubricant which is probably what you refer to for the base/cylinder pin etc but this select excerpt from Wiki on WD-40:
The long term active ingredient is a non-volatile, viscous oil which remains on the surface, providing lubrication and protection from moisture. This is diluted with a volatile hydrocarbon to give a low viscosity fluid which can be sprayed and thus get into crevices. The volatile hydrocarbon then evaporates, leaving the oil behind.
These properties make the product useful in both home and commercial fields; lubricating and loosening joints and hinges, removing dirt and residue, extricating stuck screws and bolts, and preventing rust are common usages. The product may also be useful in removing moisture, particularly in electrical components.
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